What you need before you walk in or log on

Most banks and credit unions will ask for two things: proof of who you are, and proof of where you live. A driver's license or passport covers identity. For address, a recent utility bill, lease, or bank statement works. Some institutions accept a government letter with your name and address on it.

You will also need an opening deposit. This varies widely — some banks ask for $25, others for $500 or more. A few have no minimum at all. Credit unions sometimes require you to buy a share (usually $5 to $25) to become a member before you can open an account. Call or check the website of the place you are considering, because this number changes and varies by branch.

Have your Social Security number ready. The bank will use it to check your banking history through ChexSystems, a system that tracks closed accounts and fraud. If you have never had a bank account, this check will come back clear and you will move forward normally.

Key Takeaways

  • You need a government ID, proof of address, your Social Security number, and an opening deposit — the size of which varies by institution.
  • You can open an account in person at a branch, over the phone, or online, and the process usually takes 15 minutes to an hour.
  • Banks and credit unions have different fee structures, so compare monthly maintenance fees, overdraft charges, and minimum balance requirements before you choose.
  • Once your account is open, you will receive a debit card and checks within one to two weeks, and your account number when ready so you can start depositing money.

Opening in person at a branch

Walk in during business hours with your ID, proof of address, and your opening deposit. A teller or new accounts representative will hand you a form to fill out. It asks for your name, address, Social Security number, phone number, and email. You will choose whether you want a checking account, savings account, or both. You will also pick whether the account is in your name alone or shared with someone else.

The representative will run the ChexSystems check while you wait. If it clears — which it does for most people — they will process the account on the spot. You will sign documents, receive your account number, and be handed a temporary debit card or told when your permanent one will arrive. The whole process takes 15 to 30 minutes.

Bring your opening deposit in cash, a check, or a debit card. If you are transferring money from another bank, ask whether they can set that up during the appointment or whether you need to do it separately online.

Opening online or by phone

Many banks and most online-only banks let you open an account without visiting a branch. You will upload photos of your ID and proof of address using your phone or computer. The bank will verify these documents, usually within 24 hours. You will provide your Social Security number, and they will run the ChexSystems check remotely.

Your account opens as soon as the check clears. You will receive your account number when ready and can set up direct deposit or transfers right away. Your debit card arrives by mail in five to ten business days. Some banks send a temporary card number you can use online before the physical card arrives.

Online banks often have lower fees and higher interest rates on savings accounts because they have no branch costs. The tradeoff is that you cannot deposit cash in person — you will need to transfer money from another account or use mobile check deposit if your phone has a camera.

Comparing fees and features before you choose

Banks make money from accounts in different ways, and the fees add up. Look at three numbers: the monthly maintenance fee (often $5 to $15, sometimes waived if you keep a minimum balance), the overdraft fee (usually $25 to $35 per overdraft), and the minimum balance requirement (ranging from $0 to $2,500).

Credit unions typically charge lower fees than banks, but you have to be a member to open an account. Membership usually requires living or working in a certain area, belonging to an employer, or being related to a current member. If you may have access to, credit union savings accounts often pay higher interest and charge less for overdrafts.

Online banks almost always have no monthly fee and no minimum balance. They pay more interest on savings. The catch is that you cannot deposit cash, and customer service is by phone or chat, not in person. For someone who gets paid by direct deposit and rarely needs cash, an online bank often costs less over a year.

What happens when ready after you open the account

Your account is active the moment it opens. You can transfer money in or out, set up direct deposit, and use online banking to check your balance. If you opened in person, you may have received a temporary debit card you can use right away. If you opened online, you can use your account number to set up transfers before your physical card arrives.

Your debit card and checks arrive by mail. Debit cards usually take five to ten business days. Checks take longer — often two to three weeks — because they are printed with your account number. Do not write checks until you have them in hand.

Set up online banking and mobile banking as soon as your account is open. This lets you monitor your balance, set up bill pay, and receive alerts if your balance drops below a certain amount. Most banks offer this for free.

If the bank says no

A ChexSystems report can block you if it shows unpaid overdrafts, fraud, or too many closed accounts in a short time. If this happens, the bank will tell you why. You have the right to request a copy of your ChexSystems report for free at www.chexsystems.com. You can dispute errors on that report.

If you are blocked from a traditional bank, look for a second-chance checking account. These are designed for people with banking history problems. They usually have higher fees and lower limits on debit card transactions, but they let you rebuild your banking record. Credit unions are sometimes more flexible than banks about ChexSystems issues — call and ask.

Some people open accounts at a different bank than the one that rejected them. ChexSystems reports are shared, but different banks weight the information differently. A bank that rejected you might have been stricter than another institution would be.

Moving money into your new account

The fastest way is direct deposit from your employer or a government benefit. You give your employer your account number and routing number (both on the bottom left of a check, or available through online banking), and the money lands in your account on payday.

You can also transfer money from another bank account you own. Log into your new bank's website, go to transfers, and link your old account. The bank will ask you to verify two small deposits they send to that account — this takes two to three business days. Once verified, you can transfer money when ready or within one business day, depending on the bank.

If you have cash, deposit it at an ATM or a teller window. ATM deposits are usually available when ready for withdrawal, though they may not show as "posted" in your balance for a few hours. Teller deposits post right away.

Frequently Asked Questions

Do I need a job to open a savings account?

No. Banks do not require employment. You need an ID, proof of address, a Social Security number, and an opening deposit. Unemployed people, students, retirees, and self-employed people all open accounts the same way.

What if I do not have a Social Security number?

You will need an Individual Taxpayer Identification Number (ITIN) instead. explore through the IRS website or at a tax preparation service. Some banks accept ITINs; others do not. Call ahead to confirm before you visit.

Can I open an account with someone else's money?

Yes. The person giving you the money can hand you cash or a check to deposit. If they are transferring from their own account, they can do that too. The account is in your name and Social Security number, so you control it.

How long does it take to access my money after I deposit it?

Cash and checks deposited at a teller window are usually available the same day or next business day. Checks deposited through mobile banking take longer — typically two to five business days, depending on the bank and the check amount. Transfers from another account take one to three business days.

What is the difference between a savings account and a checking account?

A checking account is for frequent deposits and withdrawals — you get a debit card and checks. A savings account earns interest but limits how many times you can withdraw per month. Many people open both: checking for everyday spending, savings for money they want to keep.